Source for credit cards
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Source for credit cards
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StuffSite
Map
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Average Daily Balance Average Daily Balance is the average amount that exists in an account over a certain period of time. The amount is calculated by adding the daily balances over a set number of days and then dividing the amount by the total number of days in the given period. The amount can then be multiplied by the interest rate for this period and this can be used when determining interest based on the average daily balance of a credit card. The amount is then sent as a bill to the customer. This is the most commonly used method for calculating credit card interest. The company generally tracks the daily balance by adding charges and subtracting payments when they occur. This can include purchases and cash advances. When people make multiple payments throughout their billing period, they can significantly lower the cost of interest that is based on their average daily balance. However, a two cycle average daily balance can negate this decrease. This is because this type of calculation finds the average daily balance for the current and previous billing cycle, thus the payments in will lower the balance for the current period but not the previous period and the interest added on will still be high. More Credit-Card Terms Explained |
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